Belize Rejecting Argentine Default Model Spurs Region-Best Rally

Belize’s dollar bonds are rallying the most in emerging markets after the Central American nation improved a restructuring offer that was worse than what Argentina gave creditors following its 2001 default.

The debt has returned 18.6 percent this month, the most among 55 emerging-market countries tracked by JPMorgan Chase & Co’s EMBIG index. Bond prices rose 7.84 cents last week to 49.95 cents, up from a low of 30.11 cents on Aug. 23 following the government’s decision to skip a $23 million coupon payment, its second default in six years.